Buying a parcel of land isn’t as simple as finding a real estate agent and starting the hunt. Some details can make or break a deal or leave you unhappy with your decision. Some considerations may not even be on the radar, but working with the right real estate agent will help get you covered.
Zoning
The first thing to consider is zoning. It’s essential to research what the land is zoned for. Sometimes it is listed; calling your local zoning office is your best course of action. Besides the standard property use information, it is important to look into the terms and conditions of what is built in the vacant lot. For example, some neighborhoods require houses to be identical or within specific standards. If a lot isn’t vacant, assess the cost of demolishing and rebuilding a home within the stated parameters. The same goes for commercial land. Each zone can have its own regulations.
Topography
Consider the topography of the parcel of land. It may not be worth it to purchase a piece of land with an uneven topography if you are aiming to buy a house. The cost of leveling the ground may outweigh the cost of the land. For commercial properties, if the topography is not conducive to building, it may be possible to work with the city to find a solution. If the city is looking to enrich the local economy, they may be willing to help with the costs to get a new set of business or work buildings in.
Location Details Of Other Structures
You wouldn’t want to put a $1,000 diamond on the same necklace as $50 diamonds – Houses are the same. When looking into the location, residential or commercial, look around the neighborhood, talk to residents, and look into housing prices and how the area is maintained. In real estate, the term is “location, location, location.”
For commercial properties, look into the other business’s in the area, how much foot traffic potential there is, and how it fits in a location. Having a boutique next to a bunch of auto shops isn’t the best idea.
Quality Of Life
Consider the quality of life you can attain by building on a parcel of land. Is there access to the everyday things we often take for granted? Internet access and power are pretty obvious, but there’s even more. Some common examples of other essential checks are
- Access to utilities
- Boundaries of the property
- Environmental hazards
- Why is the land for sale?
- Taxes
- Conversation easements
Next Steps
If you’re ready to purchase a parcel of land, start by reaching out to a real estate agent. They will walk you through the process and set you up for success. You’ll be set to move forward with your dream purchase.